TLDR
- Ark Invest purchased $25.46 million in crypto-related stocks, including Block, Coinbase, and Circle.
- The investments were made through Ark’s flagship fund, the Ark Innovation ETF (ARKK).
- Ark increased its stake in Coinbase, which is now its fourth-largest holding in ARKK.
- Ark Invest also added shares in Bullish, Robinhood Markets, and its own Bitcoin ETF.
- Despite a downturn in the crypto market, Ark continues to add more crypto-related assets.
Ark Invest continues to increase its holdings in crypto-related stocks despite the broader crypto market’s decline. On Tuesday, the investment firm purchased shares in Block. Inc., Circle Internet Group, and Coinbase, totaling $25.46 million. The move reflects Ark’s ongoing strategy of capitalizing on market underperformance in the crypto sector.
Ark Invest Buys Block. Inc. Shares
Ark Invest allocated $13.5 million to Block. Inc. shares on Tuesday. This purchase was made primarily through the Ark Innovation ETF (ARKK). Block, a company co-founded by Jack Dorsey, focuses on crypto and financial services, yet it has faced a 20.54% decline in value over the past month.
The latest investment increases ARKK’s Block position to $85.2 million. Despite the downturn in crypto markets, Ark Invest sees value in Block’s technology and growth potential. Ark Invest’s strategic purchases over the past few weeks align with the firm’s long-term vision for blockchain-based companies.
Circle’s Stock Drop and Ark’s Strategic Buy
Ark Invest bought $7.6 million in Circle Internet Group shares. Circle, the issuer of the USDC stablecoin, saw its stock fall 51% in the past month. On Tuesday, its stock closed at $70.11, down 3.62%.
As of Tuesday, ARKK holds $179 million in Circle shares, representing 2.39% of the ETF. Ark Invest has steadily increased its stake in Circle, betting on the company’s long-term stability. With its focus on decentralized finance, Circle remains an integral part of Ark’s crypto strategy.
Ark Invest also acquired $3.86 million worth of Coinbase stock. This purchase reinforces the firm’s commitment to the crypto exchange, despite Coinbase’s 30% drop in the last month. Coinbase’s stock dipped by 0.72% on Tuesday, closing at $63.69.
Coinbase is now ARKK’s fourth-largest holding, worth $391 million, or 5.22% of the fund’s portfolio. Ark Invest’s strategy has consistently focused on growing its position in leading crypto companies. Despite the recent market dip, Coinbase remains a core part of Ark’s long-term investment approach.
Other Crypto Investments by Ark Invest
In addition to these purchases, Ark Invest bought $1.52 million in Bullish stock. The firm also added $878,794 in Robinhood Markets and $2.8 million in its Ark-21Shares spot bitcoin ETF. These additions continue Ark’s approach of increasing exposure to crypto assets at discounted prices.
Ark Invest’s recent trades demonstrate its strategy of seizing opportunities in the market downturn. The firm’s increasing investments in crypto-related stocks come at a time of uncertainty for the broader crypto market. However, Ark continues to make moves that align with its vision of the digital asset space.
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